Luna Announces Agreement To Commercialize New Self-cleaning Textile Technology
Innovations Incorporated (NASDAQ: LUNA) today announced an agreement
granting UltraTech International Incorporated an exclusive license to
commercialize Luna’s new textile repellent technology that can...
Luna Innovations Incorporated (NASDAQ: LUNA) today announced an agreement granting UltraTech International Incorporated an exclusive license to commercialize Luna’s new textile repellent technology that can protect first responders from pathogens and industrial workers from contaminants, as well as address the common problem of keeping fabric clean. Under the agreement, Luna will license exclusive rights to UltraTech to commercialize the technology while UltraTech will bring it to production and market it through its global sales channels. The commercialization potential for the technology is broad, as it may be sold as a standalone product that can be applied to textiles or as treated fabric with the technology embedded. The proprietary chemical technology uses a nanostructured textile coating to create an omniphobic treatment that repels both water- and oil-based liquids so they roll off without penetrating the underlying fabric. This technology provides protection against contaminants and can also make clothes last longer and reduce laundering – a potentially significant cost savings for both households as well as large organizations such as the U.S. military and oil & gas operations. The innovation first came about from research that Luna completed under a U.S. Army contract awarded through the Small Business Innovation Research (SBIR) program to develop self-cleaning uniforms based on the use of omniphobic coatings, which are coatings that do not allow water, oils, solvents, or chemicals to wet the surface. In UltraTech, Luna has now found a partner to take its technology to market. “This commercialization agreement is important for two key reasons,” said My Chung, CEO of Luna. “First, it represents a commercialization success story for us, with the recognition that our breakthrough technology is now ready for the commercial marketplace. Additionally, it demonstrates how Luna’s involvement in the SBIR program guides the development of our technology to solve specific needs, which can then be applied to meet commercial market demands.”